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Cryptocurrency and Businesses

cryptocurrency blog

Cryptocurrency and Businesses 

Without a doubt, the idea of cryptocurrency took over the world by storm specifically in the last two years. A cryptocurrency is "a digital or virtual currency that uses cryptography for security" (reference). The most defining feature cryptocurrency has is its free nature; it is not controlled or distributed out by a central power of authority. This feature makes it immune to the interference and handling of the government.

If you want to be more informed than your competitors, it's worth knowing more about how cryptocurrencies can impact your business practices in the near future:

More Payment Options

You may see an increasing pressure to being able to accept cryptocurrency as a form of payment the goods and services that you offer.  An increasing amount of corporations have already made changes that allow them to accept forms of cryptocurrency, this includes Amazon and Microsoft (reference). This change has encouraged many other smaller organizations to follow the trend and start accepting cryptocurrency (e.g. Bitcoin, Ethereum, and Ripple).

Lower Costs Due to Lack of Processing Fees

A majority of digital payments require a form of processing fee. This is because there is an intermediary that facilitates the payment that requires a fee. For example, businesses that accept credit card payments are normally charged about 2-3% by their credit card processing company. On the other hand, cryptocurrency does not have any due to there being no intermediary. Cryptocurrency uses decentralized ledgers and functions as a peer-to-peer digital currency" (reference).

New Markets

Cryptocurrency makes transactions possible regardless of one's location. This allows businesses to operate within regions that were previously ineligible to purchase your product or service due to government regulations and other credit card restrictions.

In addition, cryptocurrency does give a business a chance to reach a niche market. Opening your doors to cryptocurrency payments can make a business more appealing to a certain group of people (reference). 


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